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TMI BlogINCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONSX X X X Extracts X X X X X X X X Extracts X X X X ..... a firm separately assessed as such- The sum received is as per the profit-sharing ratio provided in the partnership deed. 3. Any amount received or receivable from the Central Government or a State Government or a local authority by way of compensation on account of any disaster. Any individual or his legal heir. No deduction of this amount was allowed earlier under this Act on account of any loss or damage caused by such disaster to such individual or his legal heir. 4. Any payment from the National Pension System Trust under the pension scheme referred to in section 121. Any employee, or an assessee, being the guardian or parent of a minor. (a) Such payment is on partial withdrawal made out of his account or the account of the minor, as per the terms and conditions specified under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) and the regulations made thereunder; and (b) exclusion shall not exceed 25% of the amount of contributions made by him. 5. Daily allowance received Any person by reason of his membership of Parliament or of any State Legislature or of any Committee thereof. Nil. 6. Any allowance received. Any person by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t (by whatever name called) in respect of the residential accommodation occupied by him. 12. Any special allowance or benefit to the extent to which such expenses are actually incurred for that purpose. An assessee. (a) Such allowance or benefit is not in the nature of a perquisite within the meaning of section 17(1); (b) Such allowance or benefit is specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, as prescribed. 13. Any allowance. An assessee. (a) Such allowance is granted to the assessee to meet his personal expenses:- (i) at the place where the duties of his office; or (ii) at the place employment of profit are ordinarily performed by him; or (iii) at the place where he ordinarily resides; or (iv) to compensate him for the increased cost of living, to the extent as prescribed; and (b) personal allowance to remunerate or compensate for performing duties of a special nature relating to office or employment shall not be excluded from total income unless such allowance is related to the place of his posting or residence. 14. Pension received An individual wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he commencement of the North-Eastern Areas (Reorganisation) Act, 1971 (18 of 1971) or in the Union territory of Ladakh]. Nil. 20. Any income which accrues or arises- (a) from any source in the State of Sikkim; or (b) by way of dividend or interest on securities An individual, being a Sikkimese. Nil. 21. The amount of any subsidy received from or through the concerned Board under a scheme. An assessee who carries on the business of growing and manufacturing tea, rubber, coffee, cardamom or such other commodity in India as notified by the Central Government. (a) Such scheme is for replantation or replacement of tea bushes, rubber plants, coffee plants, cardamom plants or plants for the growing of such other commodity or for rejuvenation or consolidation of areas used for cultivation of tea, rubber, coffee, cardamom or such other commodity; (b) such scheme is notified by the Central Government; and (c) the assessee furnishes to the Assessing Officer, along with his return of income for the tax year concerned or within such further time as the Assessing Officer may allow, a certificate from the concerned Board, as to the amount of such subsidy paid to the assessee during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the development of khadi or village industries, or both; (c) such institution is approved for such purpose by the Khadi and Village Industries Commission for a period not exceeding 3 tax years at any one time; and (d) the procedure for withdrawal of approval granted shall be in such manner as prescribed. 26. Any income from the activity of securitisation. A securitisation trust. 27. Any income, by way of contributions received from recognised stock exchanges and the members thereof. Any Investor Protection Fund set up by recognised stock exchanges in India, either jointly or separately. (a) Such fund is notified by the Central Government; and (b) where any amount standing to the credit of the Fund and not charged to income-tax during any tax year is shared, either wholly or in part, with a recognised stock exchange, the whole of the amount so shared shall be deemed to be the income of the tax year in which such amount is so shared and shall accordingly be chargeable to income-tax. 28. Any income, by way of contributions received from commodity exchanges and the members thereof. Any Investor Protection Fund set up by commodity exchanges in India, either join ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he nature and to the extent, arising from the international sporting event held in India. Any person notified by the Central Government. (a) Such international sporting event- (i) is approved by the international body regulating the international sport relating to such event; (ii) has participation by more than two countries; and (iii) is notified by the Central Government for the purposes of this clause; and (b) nature and extent of such income is notified by the Central Government. 34. Any income, of the nature and to the extent, which the Central Government may notify in this behalf. A body or authority which has been established or constituted or appointed under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government. Such body or authority- (a) is established or constituted or appointed not for the purposes of profit; and (b) is notified by the Central Government. 35. Any amount received as a loan, either in lump sum or in instalment, in a transaction of reverse mortgage referred to in section 70(1)(zh) Any individual. Nil. 36. Any income of the nature and to the extent w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egulation, 1961 read with the Sikkim Subject Rules, 1961 (hereinafter referred to as the "Register of Sikkim Subjects"), immediately before the 26th April, 1975; or (ii) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No. 26030/36/90-I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991; or (iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of the father or husband or paternal grand-father or brother from the same father of such individual has been recorded in that register; or (iv) any other individual, whose name does not appear in the Register of Sikkim Subjects but it is established that such individual was domiciled in Sikkim on or before the 26th April, 1975; or (v) any other individual, who was not domiciled in Sikkim on or before the 26th April, 1975, but it is established beyond doubt that the father or husband or paternal grand-father or brother from the same father of such individual was domiciled in Sikkim on or before the 26th April, 1975. Note 5: For the purposes of Sl. No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned in section 2(jj) of the Forward Contracts (Regulation) Act, 1952 (74 of 1952). Note 10: For the purposes of Sl. No. 29,-- (a) "depository" shall have the same meaning as assigned to it in section 2(1)(e) of the Depositories Act, 1996 (22 of 1996); (b) "regulations" shall mean the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Depositories Act, 1996. Note 11: For the purposes of Sl. No. 30-- (a) "recognised clearing corporation" shall have the same meaning as assigned to it in-- (i) regulation 2(1)(o) of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or (ii) regulation 2(1)(n) of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "regulations" means-- (i) the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or (ii) the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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